AA will be sending out corrected letters. This letter went to all members who are not enrolled in the 401(k) presently that will be enrolled due to the new contracts. There is no automatic increase in our plan!!! AA will auto enroll members with the 3% deduction (unless they opt out). AA will match the…
Category: Pension
Letters sent to your home by AA, Cover Letter, Summary Plan Description, Retirement Benefit Plan Amendment,
Attached are the 204(h) notices that will be sent to TWU represented employees homes starting 9-14-2012. A 45 day notice is legally required to inform employees that the defined benefit plan will be frozen. Final Ground Cover Letter – 204(h) notice in PDF 204(h) notice -NOTICE OF AMENDMENT OF THE RETIREMENT BENEFIT PLAN OF AMERICAN…
Summary Plan Description (SPD), Pension
A Summary Plan Description (SPD) is a summary of the benefits provided by one (1) or more plans. This summary must include all information required by ERISA, including a description of the benefits, eligibility requirements, funding arrangements, claims procedures, and participant rights under ERISA. You should refer to the SPD and Plan Document for questions…
A Look at 401k Plans, Booklet from the Department of Labor.
More and more employees are investing in their futures through 401(k) plans. Employees who participate in 401(k) plans assume responsibility for their retirement income by contributing part of their salary and, in many instances, by directing their own investments. If you are among those who direct your investments, you will need to consider the investment…
Notice of Important Pension Plan Information
AMR eUpdate April 27, 2012 Notice of Important Pension Plan Information —————————————————————— Subject: TWU-Represented – Annual Pension Funding Notice 2011 Dear Colleague: The purpose of this message is to notify you that important federally required information regarding your pension plan has been published. The 2011 Annual Pension Funding Notice for the TWU-Represented Employee pension plan contains information about the plan including…
PBGC Objection to Procedures
The PBGC filed an objection to the Debtors’ motion establishing procedures for settling certain claims. The PBGC objects to the provisions of the Debtors’ proposed procedures that would permit the Debtors to settle claims where the settlement amount is within 10% of the scheduled amount of the creditors claim, without court or creditor scrutiny, so…
Termination vs Freeze of Defined Benefit Plan
AMR has agreed to “freeze” the Retirement Benefit Plan of American Airlines, Inc. for Employees Represented by the Transport Workers Union (TWU) of America, AFL-CIO (“the Plan”). This is the alternative to terminating the Plan and turning it over to the Pension Benefit Guaranty Corporation (“PBGC”). Keeping the Plan up and running is advantageous to…
TWU Wins Freeze of Pension Plans at American Airlines
Dallas — In a major development in the ongoing AMR bankruptcy case, TWU members at American Airlines have won a freeze of current pension plans. “The company initially wanted to terminate our pension plan, shift the cost to the government, and put our members at risk,” said TWU International President James C. Little. “Our negotiating…
American Airlines Pensions: Get the Facts
American Airlines has announced it wants to end the pension plans of its 130,000 workers and retirees. The company will ask the bankruptcy court to transfer its pension obligations to PBGC. Pensions are promises made to working Americans who count on them for a secure retirement. Those promises should not be broken lightly. PBGC will…
Rewriting American Airlines’ bankruptcy
MSNBC’s Lawrence O’Donnell explains how the bankruptcy of American Airlines shows us why voting for president is even more important than you think. Watch the video. This is a Must Watch Video.. Click Here: from The Last Word